SINGAPORE Feb 27 Shares of Singapore-listed construction and engineering firm UE E&C Ltd surged as much as 22 percent to a record high after it posted strong earnings and said it would pay an attractive dividend.
By 0211 GMT on Monday, shares of UE E&C were 16.7 percent higher at S$0.525 with over five million shares changing hands. This was 15.6 times its average daily volume over the last five sessions.
UE E&C said its net profit last year more than doubled to S$64.5 million, and it will pay a final dividend of 6 Singapore cents a share, implying a yield of 13 percent over its last traded price of S$0.45 on Friday.
"With the payout, the dividend yield looks very attractive, and that is probably driving its share price today," said a local dealer.
UE E&C's strong set of results was mainly due to an unexpected surge in its revenue and net profit in the fourth quarter, OCBC said in a commentary. (Reporting by Charmian Kok; Editing by Kevin Lim)